Practice Velocity (PV), founded “by doctors, for doctors” in 2002, provides software, tele-radiology and revenue cycle management services to over 2,400 urgent care clinics across all 50 states.
Focus every team on making a substantial contribution to Practice Velocity’s obsessive goal (pOG)—what they call their Critical Number—by focusing daily on achieving each team’s obsessive goal (tOG).
Launch an Employee Ownership program and embrace the Great Game by providing total transparency on the company’s financial and operating metrics by:
- Teaching all employees (no matter the title) how they impact the bottom line;
- Treating every employee like a leader, and;
- Having every team hold themselves accountable for results.
In 2017, year-over-year net income improvements resulted in a $2,300 bonus for every employee. However, the impact of playing the Game has gone far beyond the financial results. For example, prior to the GGOB, the staff had no access to budgets or any insight into their ability to influence numbers. Employees made financial decisions by running them up the ladder to leadership. Today, team members feel empowered to make decisions. Best of all, they feel proud when they find ways to save money while still providing exceptional customer service and delivering a 10 point increase in client Net Promoter Score (NPS).
“Today, every PV team makes better, more educated decisions based on data,” says CEO Dr. David Stern. “They are learning and thinking about how each decision affects the company’s bottom line and how it affects the client.”
Word has also gotten out about how PV is a great place to work. For the first time in the company’s history, they have a waiting list of employees who want to work for the business. “Every PV employee works in a semi-autonomous team. We work in an environment where wins happen daily and celebrations occur hourly. Our new culture is contagious,” says Stern. “Teams celebrate wins by blowing horns, ringing bells, or shouting aloud when exceeding business goals.”
“The Great Game of Business makes me feel more secure about a job and working at Practice Velocity. Seeing all the numbers is comforting knowing nothing is being hidden.” ~ Danielle Cicogna, Medical Biller/Owner
Early on, MiniGames were a hit, driving employee engagement and real-life lessons on how each team player effected company outcomes. Successful MiniGames focused on areas such as increasing sales leads, growing the number of referrals for hiring new employees, and even the percentage of employees getting flu shots.
Stern has also been passionate about coaching teams to focus on creating MiniGames around “lead” measures, defined as key measurable actions that drive the critical number. For instance, rather than focusing a MiniGame on increasing sales, the Practice Velocity sales team focused on something they do daily, software demos. Every week, the sales team looks at their demo numbers to gauge team success. “Paradoxically, focusing on lead measures, not just the end goal, has definitely made a big difference in achieving the end goal,” says Stern.
“GGOB reassures me that the company is headed in the right direction. Knowing the health of the business is good for morale and helps me feel invested.” ~ Chad Englin, Support Specialist I/Future Owner
In April 2017, PV launched its Employee Ownership Program. Looking forward, the team wants to expand on its High-Involvement Planning (HIP) process in a way that drives strategic planning down to the front lines of the company. “I’d love to have 90% of our employees directly engaged in HIP,” says Stern.
Stern also wants the team to improve on its forecasting ability and get more people from the front lines to connect with customers to help identify the stories behind the numbers. “The more our people interact with our clients, the more they’ll know what will drive our success,” says Stern.
“The GGOB has impacted me to focus on how I can directly impact the numbers, i.e., maintaining self-pay to drive down statement costs. Also, it helps me stay motivated to give my best, which ultimately impacts our clients.” ~ Lisa Winder, Medical Biller/Owner
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